31D-5-503. Power to withdraw.
(a) For purposes of this Article, a power to withdraw property from a trust is treated as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw.
(b) The lapse, release, or waiver of a power to withdraw property from a trust shall not be deemed to be an exercise of the power. (2015-205, s. 3(a).)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 31D - North Carolina Uniform Powers of Appointment Act
Article 5 - Rights of Power Holder's Creditors in Appointive Property.
§ 31D-5-501 - Creditor claim; general power created by power holder.
§ 31D-5-502 - Creditor claim; general power not created by power holder.
§ 31D-5-503 - Power to withdraw.
§ 31D-5-504 - Creditor claim; nongeneral power.
§ 31D-5-505 - Requisites of release as against creditors and purchasers for value.